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DuPont (DD) Announces Formation of Two New Business Units, Industrial Biosciences and Nutrition & Health


5/20/2011 6:50:36 AM

DuPont (NYSE:DD - News) today announced the formation of two new business units, Industrial Biosciences and Nutrition & Health. The company has appointed Craig F. Binetti as the president of the new Nutrition & Health business and James C. Collins, Jr. as president of Industrial Biosciences. Richard C. Olson will assume responsibility for ongoing integration of Danisco across both new businesses units.

Industrial Biosciences will integrate Danisco's Genencor enzyme division with the DuPont Applied BioSciences business to create a leading $1 billion industrial bioscience business. This unit will stand alone as a financial reporting segment.

Nutritional & Health will combine Danisco Food Ingredients with DuPont's existing Nutrition & Health business to form a premier $3 billion specialty food ingredients and food safety business. Nutrition & Health also will stand alone as a financial reporting segment.

Additional details on both reporting segments will be provided when DuPont reports second quarter earnings in late July.

Binetti, 55, has led DuPont's Nutrition & Health business since 2007. He has led several businesses during his 34-year career with DuPont, including serving as chairman and CEO of Solae, the company's soy protein joint venture with Bunge.

Collins, 48, has served in a range of business and operations leadership roles at DuPont, with a strong background in agriculture. He led DuPont's Crop Protection business from 2004-2011. Since January, Collins has led the integration team preparing for DuPont's acquisition of Danisco.

Olson, 55, leads the company's productivity improvement and business process simplification programs across the company. He has served in a range of business and operations leadership roles since joining the company as a process engineer in 1978. Before assuming his current role earlier this year, Olson led the Titanium Technologies business since 2005.

DuPont, through DuPont Denmark Holding ApS, has acquired more than 92 percent ownership of Danisco. Upon completion of an extraordinary general meeting of Danisco shareholders in June, Binetti and Collins will join the Executive Board of Danisco A/S.

DuPont (www.dupont.com) is a science-based products and services company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 90 countries, DuPont offers a wide range of innovative products and services for markets including agriculture and food; building and construction; communications; and transportation.

Biographies and photos of James Collins, Craig Binetti and Richard Olson are available at http://www2.dupont.com/Our_Company/en_US/executives/index.html


Read at BioSpace.com

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